The bill aims to enhance transparency for buyers of real property regarding flood risks associated with their potential purchases. It establishes that sellers must provide buyers with specific information about flood hazards, including a physical or electronic copy of the official flood insurance rate map or a notice if such a map is unavailable. Additionally, sellers are required to disclose whether the property has experienced flooding or flood damage while in their possession and whether they are required to maintain flood insurance under federal or state law.

The bill repeals previous requirements for sellers to disclose if the property is located in mapped special or moderate flood hazard areas. It also clarifies that if a seller fails to provide the required information, the buyer has the right to terminate the contract and may seek damages, including punitive damages if the seller knowingly withheld information. The act is set to take effect on September 1, 2025.

Statutes affected:
As Introduced: 27-380
As Passed By the House -- Official: 27-380
As Passed By the House -- Unofficial: 27-380
As Passed by Both House and Senate -- Official: 27-380
As Passed by Both House and Senate -- Unofficial: 27-380
As Enacted: 27-380